Larger-Than-Life Bingo Balls Installed on the Las Vegas Strip (MGM Resort The Mirage in background) … [+] as Game Developer PLAYSTUDIOS Commissions Local Artists in Support of myVEGAS Bingo Launch
During the COVID-19 pandemic, MGM Resorts International (MGM:NYSE) has made one of the most dramatic turnarounds of any travel and leisure-oriented company.
With its showrooms, bars and restaurants shuttered as the pandemic curtailed travel, the gambling and resort operator fell to a year low of 11.77 on May 14, 2020. But with growing “reopening” optimism, the operator of casino hotels like Bellagio, MGM Grand and Excalibur in Las Vegas, plus an even larger business in China, closed at 41.20 on April 21, a gain of more than 300% from its low.
Investors are betting on a strong future for MGM at its U.S. and China properties and in online gaming. As MGM’s website puts it, “You no longer need to visit a sportsbook to place a bet.” BetMGM, launched in West Virginia last year, on April 21, 2021 announced that it expects to achieve $1 billion in net revenue from operations in 2022 due to “strong momentum.
BetMGM is jointly owned by MGM Resorts International (MGM) and Entain, (Motto: “For the good of entertainment…